Saudi Arabia’s Capital Market Authority (CMA) has imposed a fine of 100 thousand Saudi riyals ($26.67 thousand) on each board member of Abdullah A. M. Al-Khodari Sons Company during the period 31/03/2019 to 07/05/2020G.
The CMA said in a statement that the penalty was imposed due to the violation of paragraphs (i) and (r) of Article (213) of the Companies Law and paragraph (9) of Article (22) of the Corporate Governance Regulations.
“Where they did not approve the Company’s annual financial statements for the period ending on 31/12/2018 G., which entailed a neglect in performing the duty of publishing the Company’s financial statements to date,” the statement said.
In February, there were reports stating that the cash-strapped Saudi construction company is aiming to raise its capital by up to 458 million Saudi riyals ($122 million) to settle payments to vendors and its major shareholder Abdullah A M Al Khodari Sons Investment Holding Company.
(Writing by Gerard Aoun; editing by Seban Scaria)
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